GALA Nearly Tripled in One Month - What's Next?

Growing more than 180% in one month's time, the GALA cryptocurrency has exhibited highly attractive development in recent days from a technical analysis perspective, consistently maintaining bullish structures.

However, the current price is relatively high, suggesting a potential short-term correction to occur, offering a more favorable entry point into the market later.

GALAUSD - 4 Hour Time Frame

On the 4-hour timeframe, the price has surged past the level of the previous higher high with a robust impulsive move, indicating a bullish outlook ahead.

Given the proximity to a local high, it's crucial to identify the levels where the correction might target next.

The presented chart highlights Fibonacci levels that align with other parameters.

The 0.295 level closely corresponds to the previous higher high, while other levels coincide with Buy-side Imbalance Sell-side Inefficiency (BISI) zones, indicated as blue zones on the chart.

Corrections typically exhibit a slower, corrective price flow, which has been observed since the local high.

Sustaining this flow is vital for future buying positions, especially as the price declines towards our marked Areas of Interest (AoI).

If the price shows increased bearish activity, it could compromise entering buy positions, potentially leading to a deeper correction from a daily timeframe perspective.